:00:00. > :00:13.Now on BBC News, all the latest business news live from Singapore.
:00:14. > :00:24.More trouble for Japan's carmakers. Accusations about fuel efficiency
:00:25. > :00:30.testing and a major resignation. And a month away from taking office. The
:00:31. > :00:37.new Filipino president is boosting the economy with memorabilia. Good
:00:38. > :00:43.morning, Asia. Hello, world. I'm Rico Hizon. This is Asia Business
:00:44. > :00:58.Report. Thank you for investors time with us. -- investing your time with
:00:59. > :01:01.us. We start off with Suzuki. Their trade has fallen 15% on Wednesday.
:01:02. > :01:07.It followed speculation that the company was cheating on fuel
:01:08. > :01:13.efficiency and emission testing. They used incorrect testing methods
:01:14. > :01:19.but rejected suggestions of cheating. This is what the boss had
:01:20. > :01:25.to say. TRANSLATION: We apologise that our methods were not in line
:01:26. > :01:30.with specified methods. We have determined that our fuel efficiency
:01:31. > :01:37.results have no problems. We have notified the ministry of the board
:01:38. > :01:44.about our findings. -- Ministry of Transport. It seems, industries are
:01:45. > :01:51.making the headlines for all the wrong reasons. -- car. Increasingly
:01:52. > :01:53.money in transportation is being funnelled into new technologies from
:01:54. > :02:13.new applications to clean cars. The taxi versus ridesharing apps.
:02:14. > :02:18.Defence he and electric car? You waiting for the day when your car
:02:19. > :02:22.will do the driving for you? These are transportation technologies.
:02:23. > :02:29.They are tracking big money. This man has raised $75 million to invest
:02:30. > :02:38.in the sector. What is catching his attention? We target four themes
:02:39. > :02:45.impacting ground competition. Autonomy, connection, energy
:02:46. > :02:54.efficiency, and shared vehicles. We will invest in 15 start-up
:02:55. > :02:59.companies. We will invest up to $5 million per start-up companies. We
:03:00. > :03:02.have partnered with some of the largest and most advanced
:03:03. > :03:07.corporations across the world. Start-ups are good at innovating.
:03:08. > :03:12.Vida need much capital to do so. They need corporate partners to
:03:13. > :03:17.scale up. When he founded a company to produce batteries for electric
:03:18. > :03:27.cars it failed. It didn't shake my faith. It taught me something. What
:03:28. > :03:30.I learned was focus. Self driving vehicles will have the largest
:03:31. > :03:36.impact on our society and economy since the Internet. Vehicles in the
:03:37. > :03:41.US are the second most deadly product behind cigarettes. That is
:03:42. > :03:46.even more than guns. You have traffic deaths that will be
:03:47. > :03:52.eliminated and you will allow elderly people to be mobile. And
:03:53. > :03:57.think about our health-care system if you no longer have hospitals
:03:58. > :04:01.dealing with car crashes. While there is a lot of excitement in new
:04:02. > :04:06.technology, even some of the smartest ideas can fail. Investors
:04:07. > :04:15.in the latest innovations will have to hope they are not being taken for
:04:16. > :04:23.a ride. Aston Villa has been sold to a Chinese businessman for 87 million
:04:24. > :04:29.US dollars. The takeover is subject to approval by the English football
:04:30. > :04:31.authorities. This comes after the central England club's relegation
:04:32. > :04:39.from the Premier League after finishing bottom of the table. It is
:04:40. > :04:47.being sold at a loss by the American billionaire who bought the club in
:04:48. > :04:58.2006 for $90 million. And there is a 60% slide in Petronas. The state
:04:59. > :05:02.energy company warned that lower oil prices will hurt future earnings.
:05:03. > :05:09.They did Howard plans to cut spending by more than 10 billion US
:05:10. > :05:16.dollars. -- detailed. There is another hike in the US on traders
:05:17. > :05:22.minds this week. To Federal Reserve policymakers made foolish comments
:05:23. > :05:25.about the economy. -- two. We are expecting policy admissions today in
:05:26. > :05:33.Indonesia and Malaysia. In Malaysia, it is the first meeting for the new
:05:34. > :05:42.Governor. We spoke with an economist to ask what he is expecting. Q1 GDP
:05:43. > :05:47.was 4.2%. It is quite low. The lowest since 2009. Still better than
:05:48. > :05:54.expected. We do still see some growth in the economy with domestic
:05:55. > :06:00.consumption. I think they still holds the cards for now. There is
:06:01. > :06:05.the fear that if they do reduce the cost leverage is still quite high in
:06:06. > :06:09.the country. That is one of the structural issues that is facing
:06:10. > :06:14.Malaysia, the household indebtedness is one of the highest in Asia. Part
:06:15. > :06:21.of the consumption driven growth we are seeing has this as the other
:06:22. > :06:32.side of it. That is why he will be cautious in looking to cut rates. In
:06:33. > :06:39.Indonesia, sub 5% growth is very aggressive. Three times the interest
:06:40. > :06:48.rate has increased. Will they cut again or hold? I think they will
:06:49. > :06:52.hold. The three rate cuts, they are still waiting to pass through. They
:06:53. > :06:59.want them to be passed through to consumers. When will the economy
:07:00. > :07:02.really feel these three rate cuts in the first quarter? It will take
:07:03. > :07:11.sometimes at the we have seen a pickup in growth, 5.1% this year.
:07:12. > :07:16.That is not what Malaysia can trees but what it will in the near term.
:07:17. > :07:20.-- achieve. Infrastructure projects are coming through. The government
:07:21. > :07:28.is slowly but surely turning things around. Talking about monetary
:07:29. > :07:32.policy in Malaysia and Indonesia. The latest economic growth data in
:07:33. > :07:37.the Philippines is due out shortly. It will give an insight into some of
:07:38. > :07:41.the challenges facing the new president who takes office next
:07:42. > :07:47.month. In some quarters, he is already providing an economic boost
:07:48. > :07:58.of his own, with solid demand for Duterte Nurrabiel. -- memorabilia.
:07:59. > :08:05.T-shirts and mugs. They are all in hot demand. Vendors on this street
:08:06. > :08:09.are quick to capitalise on the popularity of their tough talking
:08:10. > :08:15.man who will soon be running the country. We came here quickly
:08:16. > :08:20.because we were scared it would all be sold out. We want to give these
:08:21. > :08:26.away to friends who are campaigning for him. This will help relieve the
:08:27. > :08:36.stress and make them feel even better. One enterprising printing
:08:37. > :08:44.shop has been busy mass-producing Duterte brand shirts, with his
:08:45. > :08:53.nickname, the Punisher. They have a new design called Victory. At $9
:08:54. > :09:01.apiece, the patterns are reminiscent of a biker gang, aimed at matching
:09:02. > :09:05.his tough image. We used good quality and design on these
:09:06. > :09:10.T-shirts. It can be used even after the elections. We are even thinking
:09:11. > :09:12.of continuing the signature design because of his performance and
:09:13. > :09:21.popularity, and because people like him. He is seen as an uncompromising
:09:22. > :09:26.tough guy whose death threats to drug gangs have resonated far beyond
:09:27. > :09:36.the town. Small shop owners are having him proved a boon for
:09:37. > :09:40.business. -- prove. Thank you very much, Duterte. Our business is
:09:41. > :09:48.booming. It is helping our family. And there is plenty of time to sell
:09:49. > :09:53.more memorabilia. He doesn't replace the incumbent until he steps down at
:09:54. > :09:57.the end of June. Before we go, a quick look at the markets. As you
:09:58. > :10:04.can see right now, the Nikkei and the all attend a RBS and positive
:10:05. > :10:13.territory. -- All Ords Index. That is before a rate rise. Wall Street
:10:14. > :10:21.had mixed results. A potential rate rise in a mind's eye and impacted
:10:22. > :10:30.its. -- month's time. And the yen has gone to this number. Thank you
:10:31. > :10:34.for investing your time with us. Sport Today is coming up next.
:10:35. > :10:35.Goodbye for